The bank now claims to have three-quarters of all Irish adults and a third of Irish children as customers of its banking services

Revolut’s Irish customer base has risen to three million, representing three-quarters of the adult population here.

Having added one million customers in the last two years, it means Revolut now has more users than any native Irish bank.

The UK bank, which bases its pan-European banking licence from Lithuania, also says that its number of business customers has risen to 27,500, a third more than a year ago.

And it claims to have 429,000 customers who are under 18, representing around a third of all Irish children.

The bank was co-founded in Britain in 2015 by Nikolay Storonsky and Vlad Yatsenko.

It has been on a product-launch blitz over the last year, introducing several new savings and investments schemes, as well as extensions of its loans and credit services and retail terminal services.

Its loan book doubled to approximately €550m over the last year, while it reversed a €28m loss reported in 2023 to a profit of €503m reported in 2024.

Revenue at the bank rose from just under €1bn in 2022 to just under €2bn last year.

In July, it announced that it had received a UK banking licence after three years of trying.

Revolut also announced a new country lead for Ireland, with Malcolm Craig succeeding Maurice Murphy, who will focus on European lending and who has joined the Revolut Bank Management Board.

Mr Craig, who has previously worked for Bank Of Ireland, Ernst&Young and PwC, most recently worked as general manager in Ireland of finance firm Premium Credit.

Irishman Joe Heneghan is Revolut’s CEO for Europe, in charge of banking and retail issues.

On his expanded role and plans for 2025, Maurice Murphy, head of lending at Revolut Bank, said: “We’ll soon be adding to the solutions we offer for shorter-term borrowing needs, and of course keep working hard on our imminent entry into the Irish mortgage market.

“As ever, there is much more to come from us as we continue to grow our lending business and loan book more broadly across Europe. Ireland [is] very much included.”

Mr Heneghan said the company would “double down” on its business-to-business offering next year.

Reporting on:independent.ie